Spotlight

Indian equity markets are expected to open on a steady note, supported by the continued decline in crude oil prices, which have fallen for four consecutive sessions. WTI crude is currently trading in the $92–93 per barrel range, providing some relief to India’s import bill, inflation outlook and the rupee.
 
However, geopolitical risks remain elevated as the Iranian president is set to travel to New York for the UN summit following renewed threats from U.S. President Donald Trump. Continued uncertainty around Middle East tensions and regional energy supplies remains a key risk, with any fresh escalation capable of quickly reversing the recent decline in crude prices.
 
U.S. Treasury yields have also eased, with the 10-year yield moving below 5% after recently reaching multi-year highs. The decline in yields, alongside softer oil prices, is helping improve global risk sentiment. However, continued foreign selling remains a key concern for Indian equities despite support from domestic institutional investors.
 
Asian markets are taking positive cues from the overnight Wall Street rally and lower crude prices. The KOSPI is trading more than 2% higher, while Japan’s Nikkei 225 remains closed for a market holiday. Overall, softer crude, easing U.S. yields and stronger Asian cues provide a supportive backdrop, although geopolitical risks and persistent FII outflows are likely to keep domestic markets cautious.

Technical view 

Nifty 50 

Nifty 50 has shown improving near-term price action after four consecutive positive sessions, with the index closing above the 23,400 zone in the previous session. The recent recovery has provided some relief, but stronger follow-through buying is required to confirm a meaningful improvement in the trend. On the upside, the 23,500–23,600 zone remains the immediate resistance area. A sustained and decisive breakout above 23,600 could strengthen the recovery structure and open the way towards the 23,800–24,000 region. Until then, the index could continue to face supply at higher levels.  
 
On the downside, 23,300 remains the immediate support, followed by the 23,200–23,070 zone. Holding above 23,300 would help sustain the current recovery, while a decisive break below 23,070 could weaken the structure and bring renewed downside pressure. Overall, the near-term technical outlook remains cautiously constructive after the recent recovery, but sustained trading above 23,600 would be important to establish stronger upward momentum.

Bank Nifty 

Bank Nifty continues to display relative resilience compared with the broader benchmark, although the index remains within a broader consolidation structure. The index has recovered from recent lows, but the 56700–56,800 region continues to act as an important hurdle. A sustained breakout above this region could strengthen the recovery and open the way towards the 57,500–57,800 region. However, failure to decisively clear 56,800 could keep the index range-bound and vulnerable to selling pressure at higher levels.  
 
On the downside, 56,200–56,000 remains the crucial support zone. A decisive break below 56,000 could reignite selling pressure and expose the index to the 55,800–55,500 region. Overall, the near-term technical outlook for Bank Nifty remains cautiously constructive but range-bound. Sustained buying above 56,800–57,000 would be required to strengthen the recovery structure, while a break below 56,000 could increase downside pressure.